Optimism, and over optimism… June 13, 2012Posted by WorldbyStorm in Economy, European Politics, Irish Politics.
Don’t know if anyone else noticed this, but there’s a weird time lag in the take up of stories on the economy in the Irish media. Take as example A the treatment of the aftermath of the Spanish ‘bail-out’. On the Guardian from near enough Monday evening there were pieces about how the ‘Hurried Spanish banking bailout fails to calm market nerves’. The time stamp on that piece at 11 in the morning was Monday 11 June 12.13 BST. So it had gone up on Monday evening.
And reading it one wouldn’t exactly be filled with cheer.
A bailout of up to €100bn for Spain’s ailing banks failed to calm nerves about the future of the euro on Monday amid confusion over the plan’s details and worries that Greek voters might choose to abandon the single currency.
But Spain’s borrowing costs rose on Monday, nudging closer to levels that are considered unsustainable and dragging Italy towards the danger zone. Europe’s stock markets fell slightly, despite an early bounce, the FTSE 100 in London finishing down 0.05%.
Meanwhile on the Irish Times nowt. Until that is 11.29 yesterday morning. But that’s over twelve hours later.
Spain and Italy’s borrowing costs rose today as optimism over Spain’s bank bailout evaporated.
Spain’s benchmark 10-year bond yields hit 6.65 per cent, nearing the six-month highs seen in May. Italy’s 10-year bond yield rose to 6.19 per cent, a level not seen since January.
I’m not suggesting conspiracy, but it seems to me that there’s a certain sloth to report on the broader and generally bad economic news. I’d put it no more than that.
But odd for a paper which is pushing itself so strongly as a ‘business’ paper.